QIB Press
Digital Desk
Jul 16, 2013 | 8 Minutes
Qatar Islamic Bank (QIB), Qatar’s leading Islamic financial institution, has announced the second quarter 2013 results. Total Assets of the Bank now stand at QAR 74 billion having increased by 17.2% compared to second quarter 2012. Financing activities have strongly rebounded in the second quarter to reach QAR 41.4 billion having grown 9% compared to March 2013 and 15.6% growth compared to June 2012.
Customer Deposits of the bank have moved up to QAR 46.3 billion registering a strong growth of 14.1% compared to March 2013 and 38.3% compared to June 2012 allowing the Bank to effectively fund its asset growth.
Net Profit attributable to the Shareholders of the Bank was QAR 339 million for the second quarter of 2013 representing a growth of 16.4% over the first quarter of 2013 but 2.9% below second quarter 2012.
Total Income for the first half has reached QAR 1.49 billion derived by strong growth in investment income which was offset by lower financing income and fees due to margin compression. Strong cost control established across the Bank has ensured only 1% increase in the first half Operating Costs comprising of staff costs, deprecation and other expenses.
Total Shareholders’ Equity of the bank reached QAR 11.2 billion by the end of the second quarter 2013, helping it to maintain its healthy capital adequacy ratios.
During the second quarter of 2013 Fitch has affirmed the Bank’s long term Issuer Default Rating (IDR) of ‘A’ with a stable outlook. Similarly Standard & Poor’s Rating Services have also maintained QIB’s Counterparty Credit Rating at “A-“ with a stable outlook which reflects the Strong position in Qatar’s rapidly expanding Islamic banking market, favorable operating environment and strong capitalization.
QIB’s dominant role in Islamic Banking has been recognized through number of accolades that it has received as the Best Islamic Bank in Qatar from The Banker, Islamic Finance News (IFN), Euromoney, The Asset Magazine, World Finance and “Global Finance”.